Financial Literacy For Managers

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Learning Objectives

  • Learn how the cooperative can earn, budget, spend, save and borrow for posterity
  • Understand the importance of savings
  • Be aware of the implications of taking a loan for the cooperative or members
  • Learn how to keep proper records so that coop can manage income/expenses wisely.
  • Understand how financial service providers operate, their products, and how to access such products, for example loans.

Learning Agenda

There are 16 lessons. Each lessons has a video or slideshow. It will costs you approx. 30 min to go through them. Take a quiz afterwards, that will help you remember the most important aspects of the lesson. A complete lesson will take you approx. 45 min. Good luck

1
lesson 1 for managers – Introduction
15 min

Congratulations, this is your first step towards becoming a solid financial manager of a FBO. After 16 lessons of the course and passing the test, you will be able to manage your own money as well as the cooperative's money and contribute to the decision making of your FBO.

But what is Financial Literacy and how will it benefit you? 

Learning objectives

After session 1:

  1. You know you can become more financial literate
  2. You know that being financially literate means that you will be able to manage your personal and business finances in order to improve your own financial situation and that of the FBO.
  3. You are able to motivate other members to follow the Financial Literacy course for farmers.

Agenda

  1. Watch the video (30 min)
  2. Take the quiz (10 min)
  3. From family to cooperation (5 min)


2
lesson 1 for managers – Quiz
6 questions
3
lesson 2 for manager – Setting goals
15 min

“If you fail to plan you plan to fail” . That is a useful saying when thinking about the importance of goal setting. To succeed as a farmer and a coop it is important to have goals and plan ahead. This session will train you to develop short and long-term goals and strengthen your self-management skill set. You will learn how to use a tool that will help you further develop those skills. But before you can set goals you need to create a vision for your future. How do you want your future to look like. Let’s start looking forward.  

Learning targets

After session 2:

  1. You understand that it helps to set goals in order to achieve your vision.
  2. You know how to set financial goals and prioritize them
  3. You know that planning is important in order to reach your financial goals
  4. You motivated to define a vision and plan for your goals

Agenda 

  1. Watch the Video - Part one (10 min)
  2. What is your Vision? (10 min )
  3. Watch the Video - Part two (10 min)
  4. Set your Goals and do it SMART (15 min) 


4
lesson 2 for managers – Exercise
30 min
5
lesson 3 for managers – Planning

In the last session you have learnt that smart goal setting helps you to achieve your vision. And you have started to set your goals for your family and your business. 

In this session we dive deeper into budgeting. This is an important part of achieving your goals. In this session you will learn more about how to use money and what are the common categories of expenses. It is important to be aware of the household incomes and understand fluctuations in income and how to deal with that through budgeting and planning.  Let’s turn your goals into a financial plan.

Learning targets

After session 3:

  1. You are aware of your various expenses for both the family and the business
  2. You know the difference between regular and irregular expenses
  3. You know that saving is needed in order to cover future expenses
  4. You are aware of the challenges of saving and how to overcome them
  5. You can plan for both regular and infrequent expenses

Agenda 

  1. Watch the Video (30 min)
  2. Gather your expenses and income (1 hour)
  3. Budget tool in Excel (extra)


6
lesson 3 for managers – Exercise
7
lesson 4 for managers – Record Keeping
15 min

Now you understand the importance of personal finance and the need for budgeting. In this session you will learn how to keep records. You will learn what it is and how to do it. There is a tool provided and we will practice using it.  

Let’s make sure you keep track of your finances and achieve your goals and those of your FBO.

Learning targets

After Session 4:

  1. You know why it is important to keep records
  2. You know key information, which you should record in your farming activities
  3. You can use a simple record keeping template
  4. You know the importance of separating farming and household records

Agenda 

  1. Watch the Video (15 min)
  2. Use the tools (30 min) 
8
lesson 4 for managers – Exercises
30 min
9
lesson 5 for managers – Saving

In this session we dive deeper into saving. You already learnt why saving is important, but how does it work exactly? You will motivate yourself to save and keep track of it. 

Learning targets

After Session 5:

  1. You will know about good saving practices 
  2. You will know where and how to save money 
  3. You will know the advantages and disadvantages of the various saving options

Agenda     

  1. Watch the Video (30 min)
  2. Answer the question (15 min) 


10
lesson 5 for manager – Exercise
15 min
11
lesson 6 for manager – Investments
30 min

There is more to know about investment. Do you already know why one invests? It is also good to know about different types of investments and their pros and cons. In this session you become more aware of the questions that you need to ask yourself before you invest.

Learning targets

After Session 6:

  1. You know why you should invest and what are smart investments
  2. You know the conditions for a successful investment
  3. You know what questions to ask yourself before deciding on an investment

Agenda   

  1. Watch the Video (30 min)
  2. Answer the question (15 min)
12
lesson 6 for managers – Exercise
15 min
13
lesson 7 for managers – Loans
30 min

You have heard about loans and you might have taken loans before. But have you ever thought about why you need a loan? Did you know there are alternatives to loans? In this session you learn about loans and how you can make a success out of a loan and also what are the risks? We pay special attention to loans to the Cooperative.

Learning targets

After Session 7:

  1. You know what a loan is and you know about other ways of resource mobilization
  2. You know the conditions for a successful loan
  3. You know the difference between a good and a bad loan
  4. You know the concepts of collateral, guarantor, loan requirement and loan repayment

AGENDA     

  1. Watch the Video (30 min)
  2. Take the quiz (15 min) 
14
lesson 7 for managers – Quiz
4 questions
15
lesson 7 for managers – Checklist
16
lesson 8 for managers – FI’s
30 min

What do you know about the financial institutions in your area? It is good to be aware of what makes a financial institution trustworthy and which ones you should avoid. In this session we take a closer look and you will also learn about your rights and obligations ones you borrow or deal with a financial institution.

Learning targets

  1. You know what different Financial Institutions are there and what they do?
  2. You know the difference between a viable FI and a fake one or not trustworthy one and how to find out
  3. You know what questions to ask in order to choose a good Financial Institution
  4. You know what rights and obligations you have as a client of a Financial Institution

AGENDA     

  1. Watch the Video (30 min)
  2. Share your stories (15 min) 


17
lesson 8 for managers – Exercise
18
lesson 9 for managers – Mobile money
30 min

Have you ever used Mobile Money before? Let's make sure you know what mobile money is, what the pros and cons are and most of all that you can benefit from this service if you choose to.

Learning targets

After Session 9:

  1. You know what mobile banking is
  2. You know the advantages and disadvantages of mobile banking
  3. You know how mobile banking works

AGENDA      

  1. Watch the Video (30 min)
  2. Answer the question (15 min)


19
lesson 9 for managers – Quiz
5 questions
20
lesson 10 for managers – Risks
25 min

In this session we dive deeper into daily hardships, risks and challenges. It is useful to know how do you deal with them and protect yourself. We will also look into typical business risks and how do you best deal with those.

Learning targets

After session 10:

  1. You are aware of daily hardships and how to deal with them
  2. You know the difference between challenges and risks
  3. You know about common business risks and solutions to those
  4. You know the meaning of important words that are used in business administration. 

AGENDA      

  1. Watch the video (25 min)
  2. Play the game (20 min)


21
lesson 10 for managers – Exercise
30 min
22
lesson 11 for managers – Financial Management
30 min

In session 11 we dive deeper into the management of the finances of your Farmer Based Organisation.

23
lesson 11 for managers – Exercise
24
lesson 12 for managers – Business Plan
30 min

Do you know what a business plan is and why and when would you need one? In this session you will learn more about business plans and you are going to make one. We will provide you with a tool that you can use and you will practice using it.

Learning targets

  1. You understand what a business plan is and why it is important
  2. You understand why a business plan is particularly important for a cooperation and how and when to discuss it with the members
  3. You know the ADC Business Plan Tool and what the various parts mean
  4. You get to use the ADC Business Plan tool for your own business and filled it in
  5. You know the success factors for a good presentation or pitch

AGENDA

  1. Watch the Video (30 min)
  2. Make your own (flexible)


25
lesson 12 for managers – Exercise
1 day (take your time)
26
lesson 13 for managers – Financial planning
30 min
27
lesson 13 for managers – Exercise
30 min
28
lesson 14 for managers – Financial statements
30 min
29
lesson 14 for Managers – Quiz
7 questions
30
Lesson 15 for managers – Ratio analysis
30 min
31
lesson 15 for Managers – Quiz
7 questions
32
lesson 16 for managers – Negotiating
30 min

This session is about negotiating. Do you know why it is important to be a strong negotiator for yourself but also for your cooperative? What makes a strong negotiator? Let us learn and practice, because being a strong negotiator can be the difference between a good harvest and bad for you, your family and your whole cooperative.

Learning targets 

  1. You understand why negotiation is unavoidable and why it is important to prepare well
  2. You know about two types of negotiation styles and when or why to use which
  3. You know how to prepare for a negotiation
  4. You have practiced both styles

AGENDA      

  1. Watch the Video (30 min)
  2. What would you do? (flexible) 


33
lesson 16 for managers – Exercise
30 min

SOMA is a FREE platform For any feedback or assistance in using SOMA, please do get back to us on email info@adc.ug or call us directly on +256757147754 or click on the Chat with us blue icon. Enjoy your learning.

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Duration: 45 min per lesson
Lessons: 28
Video: each video and slideshow approx. 30 min
Level: Intermediate